tBTC, the Bitcoin-covered ERC-20 token on the Ethereum Blockchain has started its two-week launch phase.
Within the next two weeks, tBTC, the Bitcoin on the Ethereum Blockchain, will perform its technical rollout. Several projects, more than 40 in total, already support tBTC. The ERC-20 token is expected to be very popular, especially in the DeFi sector, and accordingly, MakerDAO, Compound and Uniswap will be part of the start. After all, DeFi is in the hands of Ethereum. With tBTC you now have the opportunity to link the value proposition of Bitcoin with DeFi applications. Accordingly, some DeFi applications, especially in the credit sector, should gain greater importance.
Behind tBTC is the Keep Network and Summa. While the Keep Network enables data to be stored privately off chain, Summa offers tools for cross-chain communication. The issuing platform itself is called KEEP. This platform is responsible for ensuring that the tBTCs issued are covered with the same amount of Bitcoin. This is the responsibility of so-called „signers“ who create and control the Smart Contracts. Initially, 80 to 100 Staking participants are to act as signers. tBTC is not the only project trying to make Bitcoin available to the Ethereum ecosystem. An alternative project is for example the Wrapped Bitcoin (wBTC).